Government bonds at commercial banks across Laos sold out in just a few hours after the government announced they would go on sale today.
The Bank of Lao PDR issued a new announcement to reschedule the selling of LAK 1 trillion worth of savings bonds to 28 February after its first announcement in January.
Five commercial banks out of the seven offering the bonds, including Banque Pour Le Commerce Exterieur Lao Public, Lao Development Bank, Agriculture Promotion Bank, and LaoViet Bank, announced they had sold out on the first day itself, according to information from Laophattana News.
Customers in #Laos flock to a Vientiane #bank branch to purchase government #bonds after the government announced the sale would take place today. pic.twitter.com/klgye9zznZ
— The Laotian Times (@LaotianTimes) February 28, 2023
A resident in Savannakhet Province posted on social media, expressing his disappointment that in some places the bonds sold out after on a few customers had arrived.
“I came to the bank to purchase the bonds and even had an appointment set up, but when I arrived, I was told that the savings bonds were no longer available. That is not fair to me or the others who waited to buy them,” he stated.
According to the Bank of Lao PDR, individuals and legal entities residing in Laos for one year or more are eligible to purchase the bonds, except for commercial banks and depository financial institutions.